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...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Allstate’s holding company just caught its second credit downgrade to BBB+, three tiers above junk, this time from S&P Ratings....
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...Thus you can buy a “H”, or Hong Kong, share in insurance company Ping An for HK$31 (US$4) or an “A” share in the mainland for Rmb39.4 (US$5.49) but with little hope the two, which are otherwise identical...
...Barclays operates a partnership model in the US market, running co-branded credit cards for 20 companies including The Gap, JetBlue Airways and the AARP....
...Laura Hughes, its manager for general insurance policy, said the government should “guarantee that flood prevention and resilience measures are considered in all planning decisions and building standards...
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Shares of companies with large auto-insurance businesses — ones that trade without the protection of Warren Buffett’s imprimatur, at least — have started to reflect those issues....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...He confirmed the heavily trailed 2p cut in national insurance contributions, a shake-up of the “non-dom” tax regime and the creation of a “British Isa” to encourage investment in UK-listed companies....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...Reporting by Martha Muir, Joshua Oliver, Emma Agyemang, Laura Hughes, Rafe Uddin, Sally Hickey and John Aglionby...
...Those with the most exposure to home insurance have suffered more. Shares in Allstate, the country’s second-biggest home insurer by premium volume, have fallen by a fifth....
...Some $1.8tn of securities are loaned annually in the US, according to data cited by insurance regulators....
...The anniversary, though, offers the chance to ask if the UK is paying a sufficiently broad insurance premium. Possibly not....
...companies.”...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...Reeves said Labour would “absolutely” vote for a 2p cut in the rate of national insurance contributions and for the £11bn “full expensing” tax break for company investments in plant and IT....
...jennifer.hughes@ft.com...
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...This trend has intensified in recent years with large insurers following suit: for example, Allstate, Chubb and AIG sharply scaled down operations in California citing onerous price regulation....
...Job moves Skadden has hired Noel Hughes as a high-yield partner on its leveraged finance team. He joins in London from Linklaters....
...They do not have either insurance or an adequate financial cushion to withstand market stresses. As a result, they pose a significant risk to our economy and Main Street,” he said. ....
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